NCAF

A cost effectiveness measure in terms of ratio of marginal (additional)cost, accounting for the economic benefits of the risk control option to the reduction in risk to personnel in terms of the fatalities averted, i.e.[1][12]

NCAF = Δ Cost - Δ EconomicBenefit

        _________________________                    

               Δ Risk                           


     =  GCAF - ΔEconomicBenefit
               _________________

                  ΔRisk

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Sources
1. IACS International Association of Classification Societies LTD
12. MSC/Circ.1023-MEPC/Circ.392 Formal Safety Assessment

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